The merged company will be named McGraw Hill and will hold about US$3.16 billion in annual revenue, both companies had earlier told the Wall Street Journal, which first reported the deal.If the deal stands through, the new company would become the second-largest provider of college textbooks and other higher-education materials in the United States, the report said.
Cengage Learning Chief Executive Officer Michael Hansen will head the new firm, McGraw-Hill confirmed. The merged entity, which could be valued at about US$5 billion, would help both U.S.-based educational publishers to compete better as the rise of digital books and course materials pressures their businesses.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »